Profit to Turnover ratio limit
This query is : Resolved
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14 December 2022
Dear Sir,
I have got an individual client whose turnover is Rs. 40 lacs from proprietory business but he wants to show profit of Rs. 12 lacs after deducting all expenses. His return is not filed under Presumptive Taxation scheme.
I want to know is there any minimum profit which needs to be kept in Balance sheet when return is not filed under Presumptive Taxation scheme.
Please help me in this matter.
Regards,
Divyesh Jain
I have got an individual client whose turnover is Rs. 40 lacs from proprietory business but he wants to show profit of Rs. 12 lacs after deducting all expenses. His return is not filed under Presumptive Taxation scheme.
I want to know is there any minimum profit which needs to be kept in Balance sheet when return is not filed under Presumptive Taxation scheme.
Please help me in this matter.
Regards,
Divyesh Jain
14 December 2022
30% net profit is acceptable...
Generally it should be average profit margin prevailing in the market.
Generally it should be average profit margin prevailing in the market.
15 December 2022
Ok Sir, Thanks for your reply.
15 December 2022
My pleasure.....
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